can some one throw light on peer review .
CA. Rajeev Aggarwal
(Chartered Accountant)
(3424 Points)
Replied 16 December 2008
In case of peer review, icai select some ca firms and make audit of them by another ca firm.
u will learn it in ca final
Nirmala
(Articles Student)
(107 Points)
Replied 19 December 2008
Peer Review means review of work of one professional by another of same standing.
Once a Practice Unit is selected for review, its attestation engagement records pertaining to the immediately preceeding 3 completed FYs shall be subjected to review.
An individual serving as a reviewer shall be a member, possess atleast 15 experience of audit and be currently active in the practice of accounting & auditing.
PU has to produce any documents/records specified by the reviewer.
Suresh Prasad
(www.aubsp.com)
(15630 Points)
Replied 22 February 2011